CBN Denies Licence Revocation For Fidelity, Polaris, Wema, Unity Banks

The Central Bank of Nigeria (CBN) has officially denied rumours that it plans to revoke the operating licences of Fidelity Bank, Polaris Bank, Wema Bank, and Unity Bank.

These speculations stirred anxieties among the public concerning the stability of these financial institutions, especially following the recent licence revocation of Heritage Bank Plc.

In a statement issued on Monday, June 10, the acting director of the Corporate Communications Department at CBN, Mrs. Hakama Sidi Ali, affirmed the robustness of the Nigerian banking sector and reassured depositors that their funds remain secure.

“The Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds,” she explained.

The clarification was prompted by the widespread misinterpretation of a January 10, 2024 circular detailing the dissolution of the Boards of Union, Keystone, and Polaris Banks.

Misconceptions arose that the circular was a new directive issued on June 10, 2024, suggesting impending actions against more banks.

Mrs. Sidi Ali emphasized that the January circular was solely focused on specific administrative changes and should not be misconstrued as a precursor to additional licence revocations.

She stated, “This circular is now being misrepresented as a new directive issued on June 10, 2024. It is essential to correct this misinformation; the circular in question is an old notification and not a recent development.”